19-1-403. Clean Fuels and Emission Reduction Technology Program -- Contents -- Loans or grants made with fund money.

660 words·~3 min read·/ut/title-19/chapter-1/19-1-403

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Effective 7/1/2022

(a)There is created a revolving fund known as the Clean Fuels and Emission Reduction Technology Fund.

(b)The fund consists of:

(i)appropriations to the fund;

(ii)other public and private contributions made under Subsection (1)(c) ;

(iii)interest earnings on cash balances; and

(iv)money collected for loan repayments and interest on loans.

(c)The department may accept contributions from other public and private sources for deposit into the fund.

(2)The department may accept federal money, including from the Infrastructure Investment and Jobs Act, P.L. 117-58, toward making:

(a)a loan or grant for the cost of a new clean vehicle or refueling equipment; or

(b)a grant for:

(i)the installation of energy-efficient building envelope improvements at a dwelling; or

(ii)construction of a qualified energy-efficient residential dwelling.

(a)The department may make a loan or a grant:

(i)with money available in the fund for:

(A)the conversion of a private sector business vehicle, a government vehicle, or a fleet of private sector business vehicles or government vehicles to use a clean fuel, if certified by the Air Quality Board under Subsection 19-1-405(1)(a) ; or

(B)the purchase of a clean vehicle for use as a private sector business vehicle, a government vehicle, or a fleet of private sector business vehicles or government vehicles; and

(ii)with federal money available under Subsection

(2)for the cost of a new clean vehicle or clean vehicle refueling equipment.

(b)The amount of a loan for any vehicle under Subsection

(a)may not exceed:

(i)the actual cost of the vehicle conversion;

(ii)the incremental cost of purchasing the clean vehicle; or

(iii)the cost of purchasing the clean vehicle if there is no documented incremental cost.

(c)The amount of a grant for any vehicle under Subsection

(a)may not exceed:

(i)50% of the actual cost of the vehicle conversion for the vehicle for which a grant is requested; or

(ii)100% of the cost of purchasing the vehicle for the vehicle for which a grant is requested.

(i)Subject to the availability of money in the fund or the federal money described in Subsection

(2), the department may make a loan or grant for the purchase of refueling equipment for a private sector business vehicle, a government vehicle, or a fleet of private sector business vehicles or government vehicles.

(ii)The maximum amount loaned or granted per installation of refueling equipment may not exceed the actual cost of the refueling equipment.

(4)The department may:

(a)establish an application fee for a loan or grant under this section by following Section 63J-1-504 ; and

(b)reimburse itself for the costs incurred in administering the fund and federal money described in Subsection

(2)from:

(i)the fund; or

(ii)application fees established under Subsection

(4)(a).

(a)A loan made from money in the fund or federal money described in Subsection

(2)shall be supported by loan documents evidencing the intent of the borrower to repay the loan.

(b)The original loan documents described in this Subsection

(5)shall be filed with the Division of Finance and a copy shall be filed with the department.

(a)The department may make grants to a person or government agency from the fund for the following:

(i)installation of energy-efficient building envelope improvements at a dwelling; and

(ii)construction of a qualified energy-efficient residential dwelling.

(b)The size of a grant under this Subsection

(6)shall be commensurate with the square footage of a dwelling, but may not exceed $5,000 per dwelling.

(c)The department shall determine grant allocation under this Subsection

(6).

(d)The department may not issue a loan from the fund for the purposes outlined in Subsection (6)(a) .

Amended by Chapter 100 , 2022 General Session